Crown Cork & Seal drops offer to buy Van Dorn Co.

February 19, 1992|By Dow Jones News Service

PHILADELPHIA -- Crown Cork & Seal Co. said yesterday that it had terminated its offer to acquire Van Dorn Co. for $20 a share.

William J. Avery, Crown's chairman, president and chief executive, said Van Dorn President W. G. Pryor "has refused all attempts to negotiate the terms of a possible transaction or discuss the merits of Crown's proposal."

Mr. Avery called the Van Dorn decision "regrettable for all parties." Van Dorn said last week that the company wasn't for sale.

Separately, Crown Cork & Seal, which is based in Philadelphia and has operations in Baltimore, said it plans to build a can plant in Dubai, United Arab Emirates, in a joint venture with a Saudi Arabian company.

The plant, a joint venture with Ahmed Hamad Algosaibi & Brothers, will be in the Jebel Ali Free Zone of Dubai and will be called Emirate Can Co.